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Borrowers whose income has been reduced (including salaries, allowances, commissions and household income), are eligible for reduced monthly installments, according to Bank Negara.

In a series of tweets posted by BNM, the Bank said that individual borrowers who have lost their jobs can choose either a 3-month moratorium or a 50% reduction in monthly installments for 6 months.

It was to clarify on the newly announced loan repayment assistance announced by the government recently.

The B40 group who are BSH/BPR recipients will also be given the same moratorium and monthly instalment reductions options.

To obtain this loan repayment assistance, BNM said on its website that borrowers can contact their respective banks and make the desired choice.

After selecting their assistance package, the bank will process the application within 5 calendar days for individual borrowers, and 14 calendar days for SME borrowers.

BNM also said that borrowers who do not receive any feedback from their bank within the stipulated period or have difficulty dealing with their bank can contact BNM TELELINK or fill in this form to make a complaint: bnm.my/RAsurvey

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